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TruFin published its audited final results for 2025 on Wednesday morning.
The headline: every key financial metric beat even the already-upgraded preliminary numbers from January. Revenue grew 20% to £65.9 million, adjusted EBITDA surged 66% to £12.6 million, and adjusted PBT came in at £8.4 million - up 848% year-on-year. That’s not a typo.
The stock is trading around £1.20, roughly flat since our last update. The market cap sits at approximately £117 million.
I think the market is still missing the story.
The Numbers vs. Our January Estimates
The January 15th trading update gave us preliminary figures. Here’s how the audited results compare:
Group revenue: ~£63m estimated → £65.9m actual (beat)
Adjusted EBITDA: >£11.8m estimated → £12.6m actual (beat)
Adjusted PBT: >£7.4m estimated → £8.4m actual (beat by 13.5%)
Year-end cash: >£12m estimated → £12.4m actual (in line)
Every number came in ahead. Adjusted EBIT - the metric that strips out capitalised development costs and shows true operating profitability - increased 699% year-on-year. That’s the operating leverage we’ve been waiting for.
Reported profit before tax was £7.6 million, up from essentially zero (£15,000) in 2024. After a £3.9 million tax credit - largely from recognising deferred tax assets against the group’s £79 million of carried-forward tax losses - profit for the year was £11.5 million. Basic EPS came in at 11.3p, up from 4.6p.
At £1.20, the stock trades on approximately 10x adjusted earnings. For a group growing revenue 20% and EBITDA 66%. With a debt-free balance sheet.
In the rest of this post, I discuss:
How each subsidiary performed against expectations
The balance sheet transformation
The underappreciated £79 million tax shield
Why Satago might be inflecting
Updated base and bull case valuations
What I’m watching from here